The CMA has announced today that it has cleared the completed acquisition by IAA, Inc. of SYNETIQ Holdings Limited.
e2e wishes SYNETIQ well in this new venture and welcomes the clarification that the CMA announcement brings for all parties. The new ownership makes it inappropriate for Synetiq to remain part of the e2e network and the company’s membership status will be withdrawn. Discussions are already underway with the SYNETIQ management team to plan and agree related logistics; ensuring a professional and seamless end to the company’s collection and processing of total loss vehicles on behalf of e2e.
The resilience and flexibility of e2e’s network model mean that risk of overexposure to one business is mitigated and capacity is always available. Consistency of standards is guaranteed through member agreements enforced by rigorous SLAs and clients will experience no disruption to services.
Jim Loughran, CEO of e2e Total Loss Vehicle Management said:
“Although the CMA announcement has landed today, the reality is that both we and SYNETIQ have been planning for their withdrawal from the membership since Autumn last year. It’s therefore safe to say that the transition will be efficient and seamless for all parties involved and e2e’s clients will experience business as usual in terms of our network performance. Entrepreneurship and innovation is alive and well in the salvage and automotive recycling industry and competition in the marketplace makes us all better operators. We are progressing with the business transformation plans underway at e2e and we look forward to bringing new solutions to market later this year – once again raising the bar for our competitors.”